They will have so much more knowledge of what you can claim and if they mange to claim back more money than you would without them over the cost of their time then it's a no lose situ. After you've used one for a few returns you can just do it yourself as most of the info will already have been done for you by the accountant.
Horse wrote: ↑Sat Jan 20, 2024 2:51 pm
Presumably the cost of an accountant is allowable?
That's what i meant by covering the cost of the accountants time. Mine was about £400 a year up until about 2020. Probs double now plus i only traded rolling service contracts it's a lot more if your going to be buying and selling products. I think my colleague who done similar services and also traded goods paid about £3000 a year but he was a lazy fucker and done almost nothing himself at all to keep the bill down.
Greenman wrote: ↑Sat Jan 20, 2024 2:49 pm
Get an accountant.
Thread closed...
They will have so much more knowledge of what you can claim and if they mange to claim back more money than you would without them over the cost of their time then it's a no lose situ. After you've used one for a few returns you can just do it yourself as most of the info will already have been done for you by the accountant.
Thread back open.
Of course they will, but I’m merely asking what kind of things you can deduct to give me a rough idea, it doesn’t have to be precise. Some good replies which has given me a rough idea, Google has helped as well along with the HMRC website.
Greenman wrote: ↑Sat Jan 20, 2024 2:49 pm
Get an accountant.
Thread closed...
They will have so much more knowledge of what you can claim and if they mange to claim back more money than you would without them over the cost of their time then it's a no lose situ. After you've used one for a few returns you can just do it yourself as most of the info will already have been done for you by the accountant.
Thread back open.
Of course they will, but I’m merely asking what kind of things you can deduct to give me a rough idea, it doesn’t have to be precise. Some good replies which has given me a rough idea, Google has helped as well along with the HMRC website.
What'yer going to be doing Wull? I take it the interview wasn't successful?
Doubt is not a pleasant condition.
But certainty is an absurd one.
Voltaire
Greenman wrote: ↑Sat Jan 20, 2024 2:49 pm
Get an accountant.
Thread closed...
They will have so much more knowledge of what you can claim and if they mange to claim back more money than you would without them over the cost of their time then it's a no lose situ. After you've used one for a few returns you can just do it yourself as most of the info will already have been done for you by the accountant.
Thread back open.
Of course they will, but I’m merely asking what kind of things you can deduct to give me a rough idea, it doesn’t have to be precise. Some good replies which has given me a rough idea, Google has helped as well along with the HMRC website.
It's hard to pin down areas for saving as there are so many variables and it also depends on exactly what you will be doing.
Greenman wrote: ↑Sat Jan 20, 2024 2:49 pm
Get an accountant.
Thread closed...
They will have so much more knowledge of what you can claim and if they mange to claim back more money than you would without them over the cost of their time then it's a no lose situ. After you've used one for a few returns you can just do it yourself as most of the info will already have been done for you by the accountant.
Thread back open.
Of course they will, but I’m merely asking what kind of things you can deduct to give me a rough idea, it doesn’t have to be precise. Some good replies which has given me a rough idea, Google has helped as well along with the HMRC website.
Pretty much anything you buy to use for the business. Tools, vehicles, professional services, premises costs, goods bought to sell.
Greenman wrote: ↑Sat Jan 20, 2024 2:49 pm
Get an accountant.
Thread closed...
They will have so much more knowledge of what you can claim and if they mange to claim back more money than you would without them over the cost of their time then it's a no lose situ. After you've used one for a few returns you can just do it yourself as most of the info will already have been done for you by the accountant.
Nah, a good accountant will be doing more than repeating the same calculations each year. If all you do is copy the previous years tax return how are you keeping up with budget and law changes ? How do you know you are writing down the value of assets at the correct percentage each year ? How do you know how to deal with retained profits ?
In 30 years of business I’m yet to see a year where the accountant doesn’t save more than they cost. Mine might be a larger limited company now but I’d never do my own books even as a sole trader.
Greenman wrote: ↑Sat Jan 20, 2024 2:49 pm
Get an accountant.
Thread closed...
They will have so much more knowledge of what you can claim and if they mange to claim back more money than you would without them over the cost of their time then it's a no lose situ. After you've used one for a few returns you can just do it yourself as most of the info will already have been done for you by the accountant.
Nah, a good accountant will be doing more than repeating the same calculations each year. If all you do is copy the previous years tax return how are you keeping up with budget and law changes ? How do you know you are writing down the value of assets at the correct percentage each year ? How do you know how to deal with retained profits ?
In 30 years of business I’m yet to see a year where the accountant doesn’t save more than they cost. Mine might be a larger limited company now but I’d never do my own books even as a sole trader.
Do you trade goods or/and services?
I only traded services and our contracts stayed the same for most of the time i was a sole trader so there wasn't much else they needed to advise on in the later years.
I understand that if you are trading goods it is a lot more complicated.
I was self employed for a great deal of my working life (milkman and laterally also had an online business)
There are the obvious things like office space in your house which gives you a percentage of bills. Make a website or Facebook page and claim for a percentage of broadband. Computer, laptops, mobile phones as well although there are rules about what percentage you claim yearly (this is probably where an accountant will earn his money) Work clothes aren’t claimable unless they are branded.
A van should be 100% claimable as well as tools.
Basically anything and everything you may need down to ballpoint pens. Just make sure you keep a paper trail, if you don’t have a receipt then don’t claim it.
My wife didn’t work so I employed her as my secretary/book keeper. That was a big way to keep my bills down.
I was investigated once in my life by the Tax and they were more concerned about a paper trail than what I was actually claiming for. Quite honestly I was taking the P about what I was claiming for but nothing was said.
Couple of guys I know who work in the same field as i do have recently had VAT investigations, another plus for an accountant doing the returns on your behalf....
v8-powered wrote: ↑Tue Jan 23, 2024 12:20 pm
Couple of guys I know who work in the same field as i do have recently had VAT investigations, another plus for an accountant doing the returns on your behalf....
However, i think you may find that even though your accountant has the responsibility to do their job correctly, once you sign off the tax return it is your responsibility to make sure your return is correct, so any issues will still come back on you as the sole trader!
Greenman wrote: ↑Sat Jan 20, 2024 2:49 pm
Get an accountant.
Thread closed...
They will have so much more knowledge of what you can claim and if they mange to claim back more money than you would without them over the cost of their time then it's a no lose situ. After you've used one for a few returns you can just do it yourself as most of the info will already have been done for you by the accountant.
Nah, a good accountant will be doing more than repeating the same calculations each year. If all you do is copy the previous years tax return how are you keeping up with budget and law changes ? How do you know you are writing down the value of assets at the correct percentage each year ? How do you know how to deal with retained profits ?
In 30 years of business I’m yet to see a year where the accountant doesn’t save more than they cost. Mine might be a larger limited company now but I’d never do my own books even as a sole trader.
Do you trade goods or/and services?
I only traded services and our contracts stayed the same for most of the time i was a sole trader so there wasn't much else they needed to advise on in the later years.
I understand that if you are trading goods it is a lot more complicated.
Goods, products and services. Even the simplest sole trader accounts the rules change each budget and you will have some form tools, equipment etc that has a value that is being written down each year. I just don't understand how anyone paying tax wouldn't employ an accountant to make sure its done in the most efficient way. If you're happy with that fine, if you think you can do a job as good as a qualified accountant you're in the wrong job
v8-powered wrote: ↑Tue Jan 23, 2024 12:20 pm
Couple of guys I know who work in the same field as i do have recently had VAT investigations, another plus for an accountant doing the returns on your behalf....
However, i think you may find that even though your accountant has the responsibility to do their job correctly, once you sign off the tax return it is your responsibility to make sure your return is correct, so any issues will still come back on you as the sole trader!
Yes, agree but hey are also far more aware of what can and cannot be done. I'd rather an expert goes through my invoices and receipts to make a judgment than doing it myself or relying on Google and peoples opinions....
v8-powered wrote: ↑Tue Jan 23, 2024 12:20 pm
Couple of guys I know who work in the same field as i do have recently had VAT investigations, another plus for an accountant doing the returns on your behalf....
However, i think you may find that even though your accountant has the responsibility to do their job correctly, once you sign off the tax return it is your responsibility to make sure your return is correct, so any issues will still come back on you as the sole trader!
Yes, agree but hey are also far more aware of what can and cannot be done. I'd rather an expert goes through my invoices and receipts to make a judgment than doing it myself or relying on Google and peoples opinions....
Oh i totally agree, accountant is the way forward, just not a get out of jail free card like some people i speak to seem it is.
Full set of global knives
Motorbikes x 2
subsistence (food & drink)
Computers
tools
travel, flights etc
clothes
events (trade day at NEC bike show)
training courses
books
magazines
use of home as office
etc etc etc.
v8-powered wrote: ↑Tue Jan 23, 2024 1:18 pm
Yes, agree but hey are also far more aware of what can and cannot be done. I'd rather an expert goes through my invoices and receipts to make a judgment than doing it myself or relying on Google and peoples opinions....
Sage* advice from motorcycle forums notwithstanding of course.
